Financial News: UK Manufacturers Expect Another Steep Fall In Output:

UK Manufacturers Expect Another Steep Fall In Output: CBI

12/18/2024 - 07:20:00 (RTTNews)

(RTTNews) - The UK manufacturers expect another sharp decline in production over the coming three months in the wake of subdued demand, the latest Industrial Trends Survey from the Confederation of British Industry showed on Wednesday.

In the fourth quarter, output volumes decreased the most since August 2020. The corresponding balance fell to -25 percent from -12 percent in the quarter to November. A net 31 percent of manufacturers forecast output to fall again in the quarter to March.

The survey showed that the total order books declined to -40 percent in three months to December from -19 percent in the preceding period. Likewise, the export order book balance fell sharply to -37 percent from -27 percent.

Manufacturers forecast an increase in average selling prices in the quarter to December. The indicator climbed to 23 percent from 11 percent.

Manufacturers are facing a perfect storm of weakening external demand on the one hand, amid political instability in some key European markets and uncertainty over US trade policy, CBI Lead Economist Ben Jones said.

On the other hand, domestic business confidence has collapsed in the wake of the budget, which raised costs and led to widespread reports of project cancellations and falling orders, the economist added.

Manufacturers are heading into 2025 with no expectation of any near-term improvement, Jones noted.

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